Karachi: The KSE-100 index continued its downward trend on the stock market, closing at 161,984, a decrease of 119 points. Trading volumes fell to 490 million shares from the previous 768 million. The index's dip below the critical 30-day and 50-day moving averages, at 162,031 and 162,046 respectively, poses challenges for any upward movement. Should the index break above these levels, gains might reach a recent high of 163,818. Conversely, a drop below 161,241 could target levels of 160,584 and potentially 157,204. Both the Relative Strength Index (RSI) and the Stochastic Oscillator indicate a bearish outlook, prompting investor caution.

In sector-specific news, Maple Leaf Cement Factory Limited (MLCF) is consolidating above its 50-day moving average. JS Global suggests a 'buy on dips' strategy with target prices of Rs106.12 and Rs108.39, and a recommended stop-loss at Rs101.83.

Meanwhile, Bank of Punjab (BOP) also finds support at its 50-day moving average. The advised strategy for BOP remains 'buy on dips,' with targeted gains at Rs34.56 and Rs35.53, and a stop-loss set at Rs32.81.

As investors navigate these technical levels, market analysts advise maintaining a cautious stance amidst the current trends.